The Confederation of Indian Industries (CII), India’s powerful organization of top corporate giants, has declared that the “corporate results at the end of first quarter of current fiscal (2015-16) painted a rather gloomy picture, as the financial performance of Indian companies, especially manufacturing sector firms, deteriorated.” In a just-released analysis , the CII said, “A lower than expected 7.0 per cent GDP growth in the reporting quarter could not salvage the cause, even as the rate cuts by the RBI provided some respite.” It added, even the ambitious Make in India campaign of Prime Minister Narendra Modi has failed to make a difference, with India “struggling to keep face in the international trade arena.” Giving an analysis of the financial performance during the first quarter of 2015-16 of 2,422 manufacturing companies and 1167 service firms extracted from the Ace Equity database, the CII said, “Growth in net sales on an aggregate basis stood at a measly 2.8 per ...